LAND TRANSFER TAX TABLE The following numbers are for reference guide only, Your individual land transfer tax calculation should be calculated and verified by your solicitor. Residential Properties A provincial land transfer tax applies to all properties in Ontario, including Toronto. A separate Toronto land transfer tax applies to Toronto properties only To calculate the total LTT payable for Residential properties, choose one of the following: 1. Add the following together: Provincial Land Transfer Tax (Ontario)
(Applies to all Ontario properties, including Toronto) 0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $250,000
plus 1.5% of the amount in excess of $250,001 to $400,000
plus 2.0% of the amount in excess of $400,000 Toronto Land Transfer Tax
(Applies to Toronto properties only) 0.5% on the first $55,000
plus 1.0% of the amount from $55,001 to $400,000
plus 2.0% of the amount in excess of $400,000 OR 2. Use the following formula:
(Provincial land transfer tax only) | Purchase Price | Calculation of LTT | | 0 - 55,000 | .005 x Amount | | 55,001 - 250,000 | (.01 x Amount) minus 275 | | 250,001 - 400,000 | (.015 x Amount) minus 1,525 | | 400,000 + | (.02 x Amount) minus 3,525 |
If the purchase price falls within this range, then apply formula to purchase price (e.g. on a $175,000 home (.01 X 175,000) minus 275=LTT First time home buyers of new AND re-sale homes will receive a rebate of the Toronto land transfer tax of up to $3,725 (equivalent to the Toronto land transfer tax payable on a $400,000 property). Note (Provincial Land Transfer Tax): First time home buyers of newly constructed and resale homes (only resale homes where agreements of purchase and sale were signed after December 13, 2007) are eligible for a rebate of the provincial land transfer tax (PLTT) up to $2,000 (equivalent to the provincial land transfer tax payable on a $227,500 property).
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